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Pell Development Acquires Richmond Land Parcel for $115M

Pell Development Acquires Richmond Land Parcel for $115M

Pell Development, a San Rafael, CA-based real estate investment management firm, has purchased a 20.7-acre land parcel in Richmond, CA. The site is located near the corner of Richmond Parkway and Parr Boulevard, in an area where two large industrial buildings are being developed, according to Bay Area News Group. Pell purchased the land from Scannell Properties for a reported $115 million.

The land parcel will feature one of the two buildings slated for the development, with plans indicating the facility will be 206,000 square feet, and is being considered as a future FedEx fulfillment center.

Pell Development’s purchase comes just a few weeks after the firm sold 30 acres of land in Livermore, CA to Trumark Homes for $75 million. The homebuilder is planning a residential community on the site, located just off Interstate 580 and First Street in the Arroyo Vista area of Livermore.

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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